If you have the 360 and Xbox Live, there are a few additional perks. Microsoft is offering two free Xbox 360 game downloads every month from July 1 through December 31, 2013. This offer is available to both new and existing members. First up is Fable III, which will be available during the month of June, to celebrate this week’s E3 2013 trade show.

Currently, the Xbox 360 has more than 4,500 game titles, with more on the way. At E3, Wargaming.net announced plans for World of Tanks: Xbox 360 Edition, an Xbox 360 exclusive scheduled for later this year. Other titles scheduled for release this year include Max: The Curse of Brotherhood, Ascend: Hand of Kul and World Series of Poker: Full House Pro. Xbox Live will also host its sixth annual Summer of Arcade, with new downloads that will include Teenage Mutant Ninja Turtles: Out of the Shadows, Flashback, Brothers: A Tale of Two Sons, and Charlie Murder.

“Xbox 360 offers unrivaled value — with more great games, an Xbox Live community with 48 million members, and a compelling lineup of apps, sports, movies, TV shows and music,” said Yusuf Mehdi, chief marketing and strategy officer of Interactive Entertainment Business for Microsoft. “We’ve taken all we have learned these past eight years and engineered a new Xbox 360 console that is elegant and accessible to anyone. There’s never been a better time to experience everything Xbox 360 has to offer.”

Microsoft just started shipping the new Xbox 360 in the U.S., U.K., Canada, Ireland and Australia. It will roll out to other regions in the coming months. The company will offer a 4GB model for $199.99, with a 250GB console priced at $299.99. There’s also a 4GB Kinect Bundle available for $299.99.